Terms and Conditions

Last updated:06/22/2022

These terms & conditions apply to your Okse Card. By activating your card you agree to the following terms and conditions.

In these terms & conditions:

  • "Contract Owner” means the provider of the Smart Contract, i.e. JULC Limited, with its business address in the Cayman Islands, Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands registered in the commercial register of the Commercial Court of the Cayman Islands under License Number QI-390525 for the Debit Card Technology Management globally excluding the United States of America);
  • Okse Prepaid Cards Management Services CO. L.L.C with its business address in the UAE, Street 70, Dubai Investments Park, Green Community, Dubai, UAE under License Number 1080887 for the Prepaid Card Management
    WebFeed LLC with its business address in the United States of America, 16192 Coastal Highway, Lewes, Delaware, 19958 under License Number 6229258 for the Debit Card Technology Management in the United States of America
  • “Distributor” or “We” means JULC Limited,
  • “Debit Card Provider” means VISA (Visa International Service Association, a corporation organized and existing under the laws of the State of Delaware, United States of America, having an office and principal place of business at 900 Metro Centre Boulevard, Foster City, CA94494, United States of America or any subsidiary thereof.
  • “Governance” means user who are voted by other user and have certain rights to co-create the system.
  • “Okse Card” is a virtual and physical debit card distributed by Distributor, which allows users to make payments on all from the debit card provider accepted merchants
  • “Okse Wallet” means the wallet that you have with Okse directly to store your digital assets.
  • “Okse” is a decentralized Finance System.
  • “KYC” means “know your customer” and describes certain identity checks which in this case are carried out to access the Okse Wallet.
  • “Master Wallet” means the wallet where the exchange from crypto currency to fiat takes place.
  • “The Signer Wallet” is a multi-sig wallet provided by Okse which signs the transactions after either a withdrawal request or a payment is made with the okse card.
  • “Payment Provider” means Solid Financial Technologies Inc, 2955 Campus Dr #110, San Maeo, CA 94403 or Unipagos SA de CV Av. Paseo de la Reforma 404-1 Piso 1 Colonia. Juarez, Deleg. Cuauhtémoc, CP. 06600 Ciudad de México
  • “User” means any person who has an account at Okse
  • “You” means the named account holder being the authorized user of the Okse account and Okse Card.

Your Okse Card is issued by the Payment Provider.

1. About Okse Card

A Okse Card is a virtual and physical debit card, which allows users to make payments on over 60 million merchants worldwide.

You can only spend money in the form of digital assets that you hold in your Okse Wallet. To access the Okse Wallet a KYC is needed. After the KYC is approved, the Okse Card Menu can be accessed while signing with your KYC verified wallet. The login allows you to upload different pre-selected and also governance-selected crypto currencies.

Your funds have only two options after being deposited into the Debit Card Smart Contract, which are:

  • The funds will be transferred with user confirmation to the Master Wallet from the integrated multi-sig Signer Wallet, which pays the Payment Provider instantly when a payment is made with your debit card. The pre-selected payment currency will be immediately converted into USDC or any other stablecoin to keep the value near to the USD.
  • Withdraw your funds to your Okse Wallet from which you made the deposit, which works like a multisig: the Signer Wallet and your Wallet need to sign the transaction.

The Okse Wallet is provided by the Distributor. When you make a transaction with your Okse Card, the cryptocurrency is transferred by SAFU DMCC (License Number DMCC-825721, Unit No: ALMAS-48-CV37 ALMAS Tower, Plot No:JLT-PH1-A0 Jumeirah Lakes Towers Dubai, United Arab Emirates) into fiat currency (EUR, USD, AED or any other required currency) if needed. The fiat currency is transferred to Payment Provider and from there to Debit Card Provider.

The Distributor may at its own discretion choose further or other Payment Service Provider or Debit Card Provider. In several countries the distributor changes due to regulatory needs.

Only the owner from your KYC-verified and Debit Card Contract-assigned wallet can interact with the debit card - your identity and funds are secured due to your private key and passphrase.

All transactions and approvals are documented on the blockchain.

2. Okse Card Governance

All Users who stake a minimum of 10 million Okse can publish a proposal in the Okse Wallet App. After the proposal is published, all people who stake (irrelevant of the Okse staking balance) can vote. The proposal needs a minimum of 50 million positive votes in the first 3 days after being published to be activated. If the proposal gets approved by the governance, then it takes 4 more days until the proposal gets activated. In total there will be 7 days from the proposal creation until activation, if approved.

The Governance has the power to add a new Signer Wallet for the withdrawals to keep the contract always alive.

3. The rights of the Contract Owner

The Contract owner has the power to:

  • Activate and deactivate listed tokens which are used as payment to avoid payment token listing which don’t have enough liquidity. This is to protect the debit card smart contract (i.e. deactivating means only the users can’t use it anymore as payment in the card but they still can deposit it into the contract and withdraw it)
  • Increase and decrease the different staking levels to engage with price changes
  • Change daily spend limits for a specific user (within regulatory guidelines)
  • Change daily spend limits based on the staking level (within regulatory guidelines)
  • Change the Master Wallet, which receives the crypto payments after the payment is done - Change takes 48 hours (should there be any change from the provider)
  • Change Fee Wallets, which receive the monthly and transaction fees
  • Establish Emergency Debit Card contract stops, which enables the user to withdraw into their own wallet but deposits and debit card transactions will not be accepted anymore. Should there be any unexpected issues, the option is available.
  • Change the fee for each transaction (if the payment provider makes a change or it is financially needed)

4. Personal requirements for applying for the Okse Card

You must be at least 18 years old and a resident of one of the not prohibited countries (Country List: https://okse.io/legal/prohibited to be issued with. You must provide the information needed to create an account and to issue a Okse Card. You may need to provide us with documents to check your identity.

We reserve the right to refuse applications due to certain regulatory rules, especially if otherwise certain legal requirements could not be met.

The card is non-transferable to other persons.

5. Usage guidelines for Transactions

As soon as you receive your Okse Card you must activate your card by logging into your account and following the steps described. Your card may be automatically canceled if you do not activate the card within the required time-frame.

You can use your Okse Card to authorize any transactions that accept Visa debit card payments. However, we cannot guarantee a third party or ATM will accept your card.

An authorisation for a transaction may not be withdrawn by you due to the fact that the process is decentralized.

The card may not be used as payment for an illegal purchase.

6. Validation period of Okse Card

Your card is only valid for the period shown on it. You will not be able to use your card after its expiry date. You can request a new card for replacement up to the expiry date or your Distributor will automatically send you a new card, which will automatically extend this agreement. This agreement shall terminate when your card is cancelled or expires and is not replaced.

7. Fees

You may be charged with the following fees:

  • Monthly subscription fee
  • Blockchain fee
  • Fiat exchange fee
  • Card shipment fee

All fees may be amended from time to time. We will inform you about any changes. The fees are exclusive of any taxes or duties which may be imbursed on you by authorities.

Monthly Subscription Fee
As a cardholder you need to pay a monthly subscription fee of currently 6.99 USD (10% less by using Okse). The fee can be paid in any crypto which is available as a payment option in the debit card contract. The fees will be paid the first time you create your virtual card and activate your account. After the first payment, the fee will be deducted after 30 days automatically. If the payment cannot be provided, the virtual card will be deactivated and you will be unable to use the debit card.

Blockchain Fee
If you deposit or withdraw from the debit card, a transaction fee must be paid, which is a very small amount on the Fantom Blockchain (approximately 2 cents for each transaction). If you make a payment with your debit card, the contract exchanges fiat money or any other currency into USD Coin (USDC) (average is 5 cents for each transaction).

We reserve the right to change and add blockchains with different fees.

Fiat Exchange Fee
If you make a payment in another country with different currencies than your standard currency on your card you may be charged with exchange fees (2,5 % fee for each transaction).

8. Safety Guidelines

All data, including the passphrase and funds (including the funds in Okse Card Contracts), are encrypted and protected via your Okse Wallet password. In case of any loss of your Okse Wallet account you can restore it with the seed phrase/secret recovery phrase.

Please keep your card and security credentials safe and secret. We are not responsible for any loss of your card or loss of credentials caused by any negligence of you.

If you lose your card or it is stolen, or you suspect that someone else has found out your PIN or security information or accessed your account without your permission, you must tell us without undue delay by calling us or logging onto your account through the mobile app or website and notifying us. Your card will be canceled immediately and your account may be blocked.

9. Limitation of Liability

You are fully responsible for all transactions processed by the use of your Okse Card, whether or not processed with your knowledge or your authority, expressed or implied. If unauthorized transactions occur after you have notified us of the loss, theft, compromise or unauthorized use of your card or account, and you have not acted fraudulently or in breach of these terms and conditions, then we will be liable.

We will not be liable for any direct or indirect loss or damage you may suffer, including loss of revenue, loss of reputation, goodwill, opportunity, or anticipated savings as a result of your total or partial use or inability to use your card, mobile app, website or account or the use of your card or account by any third party (unless otherwise required by law).

We will not be liable for non-availability of funds credited to the account due to causes beyond our control.

We are not liable for refusing to authorize a transaction or in any event that a merchant refuses to accept your card.

We will not be liable for canceling or suspending the use of your card or your account.

Nothing in these terms and conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.

10. Refusing transactions, cancellation of your account

We may refuse to pay a transaction or cancel your account if we are concerned about the security of your card or account or we suspect your card or account is being used in an unauthorized or fraudulent manner or if we have reasonable grounds to believe that you are not using the card or account in accordance with these terms & conditions.

All fees and charges will be apportioned up until the time of the termination of the contract, and any fees and charges paid in advance will be reimbursed proportionally. You will not be entitled to a refund of money you have already spent on transactions authorized or pending or any fees for use of the card or account before the card or account is canceled or expires.

Should we need to take these actions and where possible, we will give reasons for doing so except where restricted by law.

11. Termination

You may terminate the Okse Card with a notice-period of two weeks to the end of the month by a written notice from your registered email to us ([email protected]). You are liable for all charges incurred, up to the receipt of the written notice of termination.

12. Final provisions

We may change these terms & conditions by notifying you by email or other agreed means at least two months before the change is due to happen. We will assume that you agree with the change. If you do not agree with the change you must tell us before the change happens and we will cancel your account immediately. If you cancel your account in this way then we will return any balance on the account to you and you will not be charged a redemption fee.

These Terms & Conditions will be construed in accordance with Cayman Islands law.